Finding an Idea

What if my idea has been done before?

Answered by Unleash Your Ideas.

Failure rate: brand-new pioneers vs fast followers (Golder & Tellis)

Category pioneers (first movers)~47% failed

Fast followers (entered later)~8% failed

Answer

Good. It means the market is real. First-mover advantage is largely a myth; most category winners are second- or third-movers who executed better. Being done before is a green flag, not a red flag.

Quick Facts

Roughly 47% of true category pioneers failed, while fast followers who entered an existing market failed only about 8% of the time. Being second or third is often safer.

Source: Golder & Tellis (1993)

First-mover advantage is largely a myth in the research; surviving pioneers held only about 10% average market share versus about 28% for early leaders who followed.

Source: Golder & Tellis (1993)

An idea already in market means the demand is validated, sidestepping the number one failure cause, no market need, at about 42% of post-mortems.

Source: CB Insights

Questions For You

If three companies already do your idea, what specific thing are their customers complaining about in reviews?
Does "someone already does this" scare you, or does it prove the market is real? Which reading is more useful?
How will you execute better than the incumbents rather than just differently?

A Word of Inspiration

If your idea has been done before, exhale, because that is a green flag, not a red one. It means real people already pay for this, and your job is simply to do it better for someone specific. Most category winners were not first, they were the ones who executed well, and that door is wide open to you.

Try this today

Find three companies doing your idea. Read their negative reviews. Your business is what those reviews are asking for.

Sources & Citations

This resource is educational and does not constitute legal, tax, or financial advice. Consult qualified professionals for decisions specific to your situation.